Review Is IronFX A Scam Forex Broker Or Legit

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March 2020: There are now 4 FPA Traders Court Guilty votes against IronFx for failure to pay money owed to clients. The FPA has no choice but to declare IronFx to be a Scam for its actions against its clients.

IronFx is hereby blacklisted by the Forex Peace Army. The FPA recommends against depositing money with Iron Fx. If you have an account with IronFx, the FPA recommends you try to withdraw your funds immediately.


2020: The FPA has repeatedly requested to communicate with the CEO of IronFx regarding the unethical behavior of employees of the company. Many employees claimed they could stop this behavior. All failed. Each of them was asked to put the FPA in touch with the CEO. Based on what happened over time, the FPA believes the CEO is aware of the unethical behavior of his employees, but does not care to do anything about it.

Readers of this review page should note the fake reviews left by IronFx employees pretending to be clients. These are from “Dimitri, London, United Kingdom” on 2020-08-02 and “Eva Leine, Stuttgart, Germany on 2020-02-04”.

IronFx employees have also spammed the FPA’s forums on three occasions.

In January, 2020, someone posted an attack on a competing broker from inside the offices of IronFx. See the review by “Jacob, Cyprus” dated 2020-01-21 below.

In June, 2020, someone claiming to be an IB from Egypt posted defending IronFx. The post really came from inside of IronFx’s offices in Cyprus. See the review from “IB in IronFX” dated 2020-06-03 below.

These incidents began in November 2020. The most recent was in June of 2020.

The FPA recommends AGAINST doing business with IronFx until the CEO steps in and convinces company employees to stop acting in an unethical fashion. If this is how employees follow simple forum and review site rules, can you trust them to follow rules about handling your money?

Other websites of this company include,, ,, ,, and

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IronFX Review

Last Updated: August, 2020.

IronFX is an online broker with operations in the UK and Australia that has a strong commitment to providing a high standard of service for clients. It is a registered brand of Cyprus-based IronFX Global. IronFX is based in London in the United Kingdom and acts as a trade name for 8Safe UK Ltd. In Australia, IronFX is a trade name of GVS Pty Limited.

In Australia, IronFX is regulated and overseen by the Australian Securities and Investment Commission (ASIC) under AFSL number 417482. Its Australian website is located at

The broker is regulated by the UK’s Financial Conduct Authority or FCA in Britain under license number 585561, and it has its UK website situated at

Customer accounts at IronFX are kept with top tier banks in segregated accounts. FCA regulated entities are also protected by the UK’s Financial Services Compensation Scheme which would provide compensation for traders if the broker could not meet its financial obligations.

Due to the similarity in services, platforms and websites provided by IronFX’s Australian and UK entities, this review will cover both of these online forex brokers as if they were one.

IronFX does not presently allow clients from the United States to open accounts.

Unique Features of Trading with IronFX

IronFX has the advantage of being run by a group of financial professionals that bring many years of experience to the table. Their team includes market analysts, risk management experts, client business solution specialists and computer software developers.

In addition, IronFX services both retail and institutional investors in more than 180 countries around the globe, offering them the ability to trade on competitive dealing spreads in more than 200 financial instruments. In terms of leverage, the broker offers leverage ratios of as much as 1 to 500 on some trading instruments, such as forex currency pairs for example.

This broker also offers a notable bonus package, with incentives that currently include a 100 percent Sharing Bonus if you can deposit $10,000 and a 20 percent Iron Bonus if you can deposit up to $2,000. Terms and conditions do apply, and none of this bonus cash can be taken out of your account.

PROTECTION UP TO £1,000,000 PER CLIENT by Lloyds, certificate available in our webpage.
IronFX offers Excess of loss insurance cover over and above the FSCS limit of £50,000. Protection up to £1,000,000 per client. Applicable only to FCA clients

New Product: Absolute Zero
· Zero commission trading
· Available in EUR and USD
· Raw Spreads starting from 0 pips
· Flexible leverage from up to 1:200
· Ability to trade with micro lots
· Spread on EUR USD is 0.18, raw, with no commission.

Trading Software

IronFX claims to offer ten trading platforms, but the primary trading platform software they support is the market standard for online forex trading and one of the top forex trading systems now available: the MetaTrader4 trading platform that is available free from Metaquotes. The MT4 trading platform can be used on either PC or Mac desktops, and its developer also makes a mobile version available for iOS and Android devices.

IronFX also gives clients access to a Personal Multi-Account Manager or PMAM software package that lets them trade and perform risk management for multiple trading accounts and funds they can set up. This platform has a one-click order entry feature and can be used to monitor market and account activity.

Another trading platform offered by IronFX is its Webtrader 4 web-based trading platform that was developed in house.

Deposits and Withdrawals

For deposits and withdrawals, IronFX has developed what is known as a bespoke interface, which means that the interface is tailored to each client’s particular needs. IronFX’s in house interface uses an exclusive Client Portal that facilitates the process of deposits and withdrawals, as well as addressing other customer needs.

IronFX does not accept cash for deposits, however, for other types of deposits, the Client Portal is completely automatic, and allows customers to make both deposits and withdrawals in one simple interface. The deposit and withdrawal methods for an IronFX account are listed below, along with their deposit and withdrawal fees (if any), restrictions and maximum transaction amounts.

  • Bank Wire – bank wire deposit fees are contingent on the corresponding and intermediary banks. Bank wire deposits have no restrictions and IronFX does not charge a fee.
  • Credit/Debit Cards – Visa, Mastercard and Maestro credit/debit cards are accepted with no fees for deposits and a withdrawal fee of up to EUR 1.5 per transaction. The maximum transaction amount for credit/debit cards is USD 50,000.
  • China Union – IronFX charges no fees for deposits, however, China Union charges CNY 20 per transaction. Deposits are not subject to restrictions and there is a maximum transaction amount of CNY 360,000.
  • Fasapay – there are no fees for deposits using Fasapay, with a 0.5 percent fee per transaction for withdrawals and a maximum of USD 5.00. Transactions are not subject to restrictions with a maximum transaction amount of USD 5,000.
  • Neteller – a two percent fee capped to a USD 30.00 minimum is charged by IronFX, along with a USD 1.00 fee per transaction for Neteller deposits. There are no restrictions on deposits with a maximum transaction amount of USD 50,000 per transaction.
  • Skrill – there is no charge for Skrill deposits, however, withdrawal fees are one percent capped to USD 10,000 with no restrictions and a maximum transaction amount of USD 50,000.

Customer Support

IronFX provides round the clock customer support for clients in more than 180 countries in Europe, Asia, Africa, South America and the Middle East. The company also offers support in over 30 different languages with toll free numbers in 12 countries, which include Brazil, the Czech Republic, China, Germany, Japan, India, South Korea, Poland, Portugal, Spain, South Africa and the United Kingdom.

IronFX also offers email support and live chat, as well as telephone and fax support from their central location. Clients can dial telephone numbers with direct lines to Introducing Brokers or IBs, client funding queries and their trading desk.

The broker also offers some market analysis and educational materials, including a glossary of financial market terms and some videos. In addition, their representatives attend major forex expos that take place around the world where you can meet up and ask questions.


IronFX Global Limited, the broker’s parent company, is regulated in Cyprus by CySEC under license number 125/10 and FCA in Britain under license number 585561 and Australian Securities and Investment Commission (ASIC) under AFSL number 417482. Also, the company follows the Markets in Financial Instruments Directive or MiFID in the European Economic Area, and is overseen by the Authority for the Financial Markets or AFM in the Netherlands.

IronFX payment service providers are authorized and regulated by some of the most reputable regulating agencies. Safecharge, Cardpay and CSC24Seven are authorized by the Central Bank of Cyprus, while Dinpay is authorized by the Central Bank of China and Dotpay, by the Polish Financial Supervision Authority. Ecommpay, Webmoney, Skrill and Neteller are authorized by the Financial Conduct Authority or FCA in the United Kingdom.

In addition to fund safety through its payment service providers, IronFX Group offers its clients banking and treasury services through major world banks such as Barclays, BNP Paribas, Santander, Unicredit and Westpac.

IronFX maintains segregated accounts to ensure that client funds are fully segregated from company funds at all times. Each customer account is assigned a unique number that is used exclusively for client funding purposes.

Other Services

The IronFX Academy – IronFX offers an extensive educational facility, which provides clients with access to seminars, webinars and educational videos, in addition to attending major forex expos in cities around the world. In addition to other educational materials, IronFX has a Forex encyclopedia to sharpen their customer’s trading skills.

Social Trading – taking advantage of one of the newest trends in forex trading, IronFX offers clients social trading with some of the world’s leading and multi-award winning brokers. The company offers a variety of social trading platforms with 24/5 dealing and 24/7 back office support and live chat. In addition, IronFX social trading platforms offer unlimited promotions and bonuses.

IronFX Conclusion

IronFX considers itself to be the leading online broker and seems to be recovering well from past regulatory issues. It supports numerous trading platforms, including MetaTrader 4, and offers its clients an easy way to make deposits and withdrawals through its proprietary Client Portal. Additionally, the company’s customer support is designed to offer the highest level of service through email, live chat and toll free telephone support in more than 30 languages.

In addition to the company being regulated in Cyprus by CySEC, as well as other local authorities in the UK and Australia, IronFX customers’ funds are protected by being placed in segregated accounts, while the company’s payment service providers are all regulated by regional agencies.

For novice traders, the IronFX Academy offers a wide variety of forex educational material including videos, webinars and seminars, as well as IronFX’s participation in forex expos and trade events in the major world cities. Another important IronFX offering is its new social trading facility, which allows traders to copy some of the world’s best traders.

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

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